- Access your equity quickly and flexibly
- No monthly payments
- Assigned a dedicated Investment Manager
- Get an online cash estimate in under 2 minutes
- Accepts bankruptcy resolved over 1 year ago
- Excellent (5,400+ Trustpilot customers)
380,000+ people used LendEDU in the last month
- Close in as fast as 5 days1
- Borrow $26,000 to $250,0002
- Apply 100% online
- No annual fee, prepayment penalty, or fees to redraw3
- No paperwork needed to apply
- Excellent (56,000+ Trustpilot customers)
- Allows Bankruptcy, foreclosure and late payments
- Borrow $100,000+
- Apply 100% online
- Get a no-obligation quote now
- Check your options without impacting your credit score
- Excellent (2,000+ Trustpilot Customers)
- No payments for up to 30 years
- Funds can be used on anything you need
- No income requirements
- Get an online cash estimate in just 60 seconds
- Accepts bankruptcy resolved over 2 years ago
- Excellent (3,200+ Trustpilot Clients)
- Accepts partial payments during the term
- No monthly payments
- Get an online cash estimate in just 2 minutes
- Prequalify without affecting your credit score
- Accepts bankruptcy resolved over 5 years ago
- Excellent (1,400+ Trustpilot customers)
- No appraisal fees or closing costs on lines up to $250,000
- Borrow up to 85% of the value of your home
- 6-month fixed introductory rate for qualified borrowers
- Prequalify with no impact on your credit
- Federally insured by the NCUA
- Average (137 Trustpilot customers)
Understanding how to use home equity
Your home’s equity is the difference between what your property is worth and what you still owe on your mortgage. Over time, as you make payments and your home’s value rises, that equity builds—and it can become a powerful financial tool.
Homeowners often tap into their equity for major expenses like renovations, debt consolidation, or emergency costs. Two of the most common ways to access equity is through home equity lines of credit (HELOCs) and home equity loans.
- A HELOC functions like a credit card secured by your home, letting you borrow as needed during a draw period and pay interest only on what you use.
- A home equity loan gives you a lump sum with a fixed repayment schedule.
If you’re not interested in taking on more debt, home equity agreements (HEA), sometimes referred to as home equity sharing agreements (HESA), are another option.
These allow you to receive cash in exchange for a share of your home’s future value with no monthly payments or interest charges during the term. Instead, you repay in a lump sum when the term ends, you sell the home, or you refinance your mortgage.
To understand which type of financing best fits your situation, use a home equity calculator or HELOC calculator to estimate how much equity you have and what you may be able to access.
Comparing multiple options side by side can help you find the right balance between flexibility, borrowing cost, and long-term goals.
1As of January 2025, 10% of funded HELOCs achieved a closing timeline of 5 days or less and a funding timeline of 11 days or less. This timeline assumes consumers close with our remote online notary, provide supporting documentation promptly, and ensure the information provided is accurate and consistent with our verification process. Delays, discrepancies, and other unforeseen factors may impact the closing timeline. MBA’s 2024 Home Lending Study reports an average industry closing time of 31 days.
2Upstart Mortgage offers HELOCs from $26K-$250K. The exact amount you may borrow depends on what you qualify for based on your application information
3Terms shown here are subject to change without notice. Origination fee to open an account is between 1.00% and 4.99% of the approved credit limit. The Annual Percentage Rate (“APR”) is variable and based on the Prime Rate as published in the Wall Street Journal “Money Rates” table plus or minus a margin. Your APR will never be less than 3.99% or greater than 18.00%. Property insurance is required. Ask us for additional details.